Core Points - The company held its second extraordinary general meeting on November 28, 2025, where it approved the proposal to cancel the supervisory board and amend the Articles of Association [1][5] - Chen Hao was elected as the employee representative director of the sixth board of directors, ensuring compliance with relevant laws and regulations [2][4] Group 1: Meeting Details - The extraordinary general meeting took place on November 28, 2025, at the company's conference room in Beijing [6] - The meeting was chaired by the company's chairman, Qiu Zixin, and utilized a combination of on-site and online voting [7] Group 2: Resolutions Passed - The following proposals were approved during the meeting: 1. Cancellation of the supervisory board and amendment of the Articles of Association 2. Revision of the related party transaction management system 3. Revision of the board meeting rules 4. Revision of the shareholders' meeting rules 5. Revision of the independent director work system 6. Revision of the cumulative voting implementation details [8][9] Group 3: Legal Compliance - The meeting was witnessed by Beijing Zhonglun Law Firm, confirming that all procedures and voting results complied with legal and regulatory requirements [9]

证券日报网讯 11月28日晚间，万泰生物（603392）发布公告称，公司召开2025年第三次职工代表大 会。经与会职工代表审议，同意选举陈淏先生为公司第六届董事会职工董事。 ...

证券代码：603392 证券简称：万泰生物 公告编号：2025-061 北京万泰生物药业股份有限公司董事会 2025 年 11 月 29 日 附件：职工代表董事简历 为保证公司董事会的合规运作，公司于同日召开 2025 年第三次职工代表大 会。经与会职工代表审议，同意选举陈淏先生为公司第六届董事会职工董事（简 历详见附件）。陈淏先生将与其他 7 名现任董事以及 2025 年第二次临时股东会选 举产生的 1 名非独立董事，共同组成公司第六届董事会，任期自本次职工代表大 会审议通过之日起至公司第六届董事会任期届满之日止。 陈淏先生符合《中华人民共和国公司法》及《公司章程》规定的有关职工董 事任职资格和条件。陈淏先生当选公司职工代表董事后，公司第六届董事会中兼 任公司高级管理人员以及由职工代表担任的董事人数未超过公司董事总数的二 分之一，独立董事不少于全体董事成员的三分之一，符合相关法律法规及《公司 章程》的规定。 特此公告。 北京万泰生物药业股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

(一)股东会召开的时间：2025 年 11 月 28 日 (二)股东会召开的地点：北京市昌平区科学园路 31 号公司会议室 证券代码：603392 证券简称：万泰生物 公告编号：2025-060 北京万泰生物药业股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 515 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 993,999,969 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 78.6148 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等 本次股东会由公司董事会召集并发布公告通知，由公司董事长邱子欣先生主 持。会议表决方式为现场和网络投票相结合，本次会议的召集与召开程序、出席 会 ...

北京市中伦律师事务所 关于北京万泰生物药业股份有限公司 2025 年第二次临时股东会的法律意见书 二〇二五年十一月 北京市中伦律师事务所 关于北京万泰生物药业股份有限公司 2025 年第二次临时股东会的法律意见书 致：北京万泰生物药业股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受北京万泰生物药业股份有限 公司（以下简称"公司"）的委托，就公司 2025 年第二次临时股东会（以下简称 "本次会议"）相关事宜，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股东会规则》《上海证券交易所股票上市规则》等法律、法规和 规范性文件及现行有效的《北京万泰生物药业股份有限公司章程》（以下简称《公" 司章程》"），依法出具本法律意见书。 本法律意见书仅就本次会议的召集和召开程序、出席会议人员资格、召集人 资格、本次会议表决程序及表决结果等事项发表法律意见，并不对本次大会所审 议议案的内容以及前述议案所表述的事实或数据的真实性和准确性发表意见。本 所律师并假定：公司提交给本所律师的所有资料（包括但不限于有关人员的居民 身份证、授权委托书、营业执照、股东名册、网络投票结果等）均真实、准确、 完整；该等 ...

Core Viewpoint - Wante Bio's stock has experienced a significant decline in 2023, with a year-to-date drop of 31.73% and a recent 60-day decline of 17.40% [2] Company Overview - Wante Bio, established on April 24, 1991, and listed on April 29, 2020, is located in Changping District, Beijing. The company specializes in the research, production, and sales of in vitro diagnostic reagents, instruments, and vaccines [2] - The revenue composition of Wante Bio includes: diagnostic reagents (67.06%), vaccines (20.36%), diagnostic instruments (4.98%), agency products (4.97%), other (1.88%), and active raw materials (0.76%) [2] - As of September 30, 2025, Wante Bio had 42,000 shareholders, an increase of 9.41% from the previous period, with an average of 30,124 circulating shares per shareholder, a decrease of 8.60% [2] Financial Performance - For the period from January to September 2025, Wante Bio reported a revenue of 1.498 billion yuan, a year-on-year decrease of 23.09%, and a net profit attributable to shareholders of -173 million yuan, a year-on-year decrease of 165.04% [2] - Since its A-share listing, Wante Bio has distributed a total of 1.541 billion yuan in dividends, with 1.311 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders of Wante Bio include Hong Kong Central Clearing Limited, which holds 12.8991 million shares (a decrease of 9.8553 million shares), and Huatai-PB CSI 300 ETF, holding 6.4061 million shares (a decrease of 318,300 shares) [3] - The China National Securities Bio-Medical Index A has entered the top ten circulating shareholders with 4.9609 million shares as a new shareholder, while E Fund CSI 300 Medical ETF has exited the list [3] Market Activity - On November 28, Wante Bio's stock price fell by 2.02%, trading at 48.10 yuan per share, with a total transaction volume of 131 million yuan and a turnover rate of 0.21%. The total market capitalization is 60.852 billion yuan [1] - In terms of capital flow, there was a net outflow of 17.3687 million yuan from main funds, with large orders showing a buy of 23.094 million yuan (17.66%) and a sell of 27.222 million yuan (20.82%) [1]

长江商报消息 ●长江商报公益记者 江楚雅 近日，诸暨市教育强市奖励基金成立，现场收到多家企业累计1.42亿元捐赠。其中，农夫山泉创始人钟 睒睒以个人名义向诸暨中学捐赠1亿元人民币，成立"诸暨中学钟子逸教育基金"项目。 这并非钟睒睒第一次对外捐赠，钟睒睒通过"钟子逸教育基金"多次捐助清华大学、北京大学、浙江大学 等多所院校，累计捐赠额达数亿元。 此前，杭州市政府与杭州市钱塘教育基金会签署合作办学框架协议，钟睒睒作为基金会发起人，通过该 基金会向杭州市政府捐赠400亿元，用于创办一所"新型大学"，这一捐赠规模被业内认为是中国民办教 育史上最大单项捐赠之一。 据钟子逸教育基金会官网介绍，该基金会由养生堂有限公司于2018年12月发起成立，2022年获评5A级 基金会，业务涵盖教育、科研、文化及其他公益四大板块；截至2024年底，基金会共接收现金和物资捐 赠约11.89亿元，累计支出7.61亿元，其中企业捐款7.52亿元、个人捐款4.37亿元。 四度登顶中国首富 《2025胡润百富榜》显示，钟睒睒以5300亿元财富第四次登顶中国首富，不仅刷新中国首富财富纪录， 还较第二名张一鸣多出600亿元，成为继马云之后第二位实现 ...

Core Insights - The price war in the vaccine industry is driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [2][10][15] Group 1: Price Trends - The price of a three-valent flu vaccine has dropped to 5.5 yuan, lower than the price of a cup of milk tea, indicating a drastic reduction in vaccine prices [3][7] - The price of the four-valent flu vaccine has decreased from 128 yuan to 88 yuan, with further reductions expected as competition intensifies [7][8] - HPV vaccines have also seen significant price drops, with the two-valent HPV vaccine priced at 27.5 yuan, down over 90% from previous prices [8] Group 2: Industry Response - The China Vaccine Industry Association issued an initiative to combat "involutionary" competition, urging members to avoid bidding below cost and maintain price stability [4][5] - The association's initiative aims to stabilize price expectations but may not address the underlying issue of overcapacity in the industry [3][10] Group 3: Market Dynamics - The vaccine market is experiencing overcapacity due to an influx of companies entering the sector, leading to intense competition and price wars [10][11] - Demand for vaccines is under pressure, with declining public trust in vaccines and a decrease in birth rates affecting the market for childhood vaccines [11][12] Group 4: Financial Impact - Vaccine companies have reported significant financial losses, with overall revenue for listed vaccine companies dropping by 60% and net profits declining by 113% in the first half of 2025 [12][14] - Major companies like Zhifei Biological and Wantai Biological have reported substantial revenue declines and net losses, reflecting the severe impact of the price war [12][14] Group 5: Future Outlook - Experts suggest that the industry may need to undergo a period of consolidation and restructuring, which could last five to ten years, to address the current challenges [15] - Companies are exploring international markets and differentiation strategies to navigate the competitive landscape, with some reporting significant increases in exports [15]

Core Viewpoint - The article discusses the ongoing price war in China's vaccine industry, driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [4][15][22]. Group 1: Price War Dynamics - The price of a three-valent flu vaccine has dropped to 5.5 yuan, cheaper than a cup of milk tea, indicating a severe price competition in the vaccine market [5][11]. - The China Vaccine Industry Association has issued an initiative to combat "involution-style" competition, urging members to avoid bidding below cost and threatening penalties for violations [6][8][10]. - The price war has persisted for two years, with the association's initiative being the first formal stance against low-price competition, although it may not resolve the underlying issue of overcapacity [6][10][22]. Group 2: Supply and Demand Changes - The supply side is characterized by homogenization and overcapacity, with many companies entering the vaccine market, leading to intense competition and price wars [16][17]. - Demand is also under pressure, with declining public trust in vaccines and a decrease in vaccination rates, particularly for flu vaccines, which averaged below 4% in China from 2020 to 2023 [17][19]. - The shift in focus from childhood vaccines to adult vaccines due to declining birth rates has intensified competition in the adult vaccine market [17][19]. Group 3: Financial Impact on Companies - The financial repercussions of the price war are evident, with vaccine companies experiencing a 60% drop in revenue and a 113% decline in net profit in the first half of 2025 [19][20]. - Major companies like Zhifei Biological and Wantai Biological have reported significant losses, with Zhifei's revenue down 66.53% and net profit loss of 12.06 billion yuan [20][21]. - Despite some companies showing growth in sales, the overall trend indicates that increased revenue does not equate to increased profit due to drastic price reductions [21][22]. Group 4: Future Outlook and Strategies - Experts suggest that the industry is in a "deep cold moment," requiring a period of consolidation and restructuring that could last five to ten years [23]. - Companies are exploring two main strategies to navigate the competitive landscape: expanding into emerging markets and focusing on differentiated products to meet unmet clinical needs [24].

Core Viewpoint - The China Vaccine Industry Association has called for a resistance against chaotic price competition in the vaccine market, emphasizing the need for self-regulation and quality assurance in pricing practices [1][6][10]. Group 1: Industry Competition - The vaccine market is experiencing intense competition, particularly in the HPV and influenza vaccine sectors, leading to significant price wars [1][6]. - The price of the bivalent HPV vaccine has dropped to as low as 27.5 yuan per dose, reflecting a trend of aggressive pricing strategies among manufacturers [6][9]. - The four-valent influenza vaccine prices have also seen substantial reductions, with prices falling from 128 yuan to 88 yuan per dose, a decrease of 31.25% [8]. Group 2: Financial Performance - In the first three quarters of the year, only four out of 14 major vaccine companies listed on the A-share market reported a year-on-year increase in net profit, indicating widespread financial pressure across the industry [10][11]. - WanTai Biologics reported a staggering 165.04% decline in net profit, resulting in a net loss of 173 million yuan, alongside a 23.09% drop in revenue [12][14]. - Other companies, including Kanglaosheng and Jindike, also faced losses despite revenue growth, highlighting the challenges of rising operational costs and increased R&D expenditures [11][14]. Group 3: Market Dynamics - The industry is facing a phenomenon referred to as "involution," characterized by excessive competition and product homogeneity, which is exacerbated by a growing number of companies entering the market [15][16]. - The competitive landscape is further complicated by promotional tactics and price reductions, which are compressing profit margins and leading to a normalization of price competition [15][16]. - The overall market is under pressure from fluctuating demand, vaccine hesitancy, and intensified competition, which collectively impact sales performance [15][16].